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Excess Policy Attachment: Policy Language Prevails
One of the most important issues under excess insurance policies relates to when liability attaches to the excess policy. In recent years, attachment disputes have arisen with increased frequency, particularly under excess D&O insurance policies. In many large D&O cases which settle for an amount implicating multiple layers within the D&O insurance tower, the insurers raise various actual and potential coverage defenses and then seek to negotiate with the Insureds a discount off the limits of the implicated excess policies. In that situation, the primary insurer will pay some, but not all, of its limit of liability in exchange for a release from the Insureds, thereby creating a question as to whether liability then attaches to the excess policies despite the primary insurer failing to pay its entire limit.
In many large claims, all of the excess insurers potentially implicated by the large settlement will collectively agree to contribute a portion of their limit toward the settlement even though the underlying insurers have not paid their full limit. The rationale for that consensual arrangement is that it is in the mutual best interests of both the excess insurers and the Insureds to resolve those coverage issues pursuant to a compromise rather than engage in a lengthy and expensive coverage litigation or arbitration proceeding pursuant to which the insurers would pay either nothing or their full limit of liability.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.